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La Canada Real Estate Update March 2024

As a top La Canada real estate agent, it’s critical that I stay up to date on the current market trends. Let’s dive into the La Canada Real Estate Update for March 2024. Last month, twelve homes closed escrow. Buyers purchased four homes above the asking price, while the remaining homes sold below. A three-bedroom and three-bathroom home at 4821 Hampton Rd sold for $754.87 per foot.  A two-bedroom, two-bathroom at 4828 Oakwood Ave sold for $1,400.37 per foot.

La Canada Real Estate March 2024

The least expensive home sold in La Canada was the three-bedroom, two-bathroom, 1,840-square-foot home at 5471 Rock Castle Dr. The listing was priced at $1,698,000 but sold for $1,660,000 after seventy-two days. The most expensive home sold was a five-bedroom, six-bathroom, 9,664-square-foot home located at 4033 Alta Vista Dr. Initially listed at $10,750,000, it sold for $10,650,000 in just thirteen days, all cash.

When examining the La Canada real estate update in March 2024, it’s interesting to contrast the days on the market. Homes on Regent Park and Meadow Grove exhibited contrasting sales experiences. On Regent Park, a home sold within two days of listing for $2,650,000, surpassing its $2,595,000 listing price. Conversely, a home in Meadow Grove, listed at $7,495,000, sold for $6,500,000.

From the Core Logic blog: U.S. annual home price growth has been consistent since last fall, and in February, it continued to show strength. As the residual impact of comparing gains with weak 2022 home prices wore off, the pace of growth slowed. However, CoreLogic projects that year-over-year home price gains will continue to rise. However, at a slower pace, for the rest of 2024. This projection suggests a promising future for potential homebuyers who have been waiting.  The recent increase in inventory also benefits potential homebuyers, though affordability remains a concern, particularly if mortgage rates remain elevated throughout the spring homebuying season.

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